IB SolutionsGlobal

Chapter 9

Payments

9.1 Recording a payment#

  1. Open the invoice. It must be Issued or Partially Paid.
  2. Click “+ Record Payment.” The form shows what is still outstanding.
  3. Choose the Account the money went into.
  4. Enter the Amount and choose the Currency the client paid in. The Exchange Rate to your base currency is filled in with the rate for the payment date (section 11.7); change it to the rate you actually received.
  5. Choose the Payment Method (Cash, Bank Transfer, Mobile Money, Cheque or Other), and enter the Reference (e.g. a transaction ID), the payment date and any notes.
  6. Click “Save Payment.” The payment gets a number such as PAY-2026-0001.

The account’s balance goes up straight away, and the invoice changes to Partially Paid or Paid by itself.

A payment in the invoice’s own currency counts at face value, even if its exchange rate differs from the invoice’s. A payment in another currency, for example your base currency against a USD invoice, is converted using the two exchange rates; the form shows what it counts as before you save.

9.2 The Payments list#

Finance → Payments lists every payment, with filters for client, payment method and account. Click an invoice number to open the invoice.

9.3 Deleting a payment#

On the invoice page, click “Delete” next to the payment. The amount is taken back off the account, the reversal shows in the account’s ledger, and the invoice’s status is worked out again.